19 December 2016
Twenty7Tec, the leading provider of technology solutions including online sourcing system MortgageSource, today announces its planned system enhancements in light of the Prudential Regulations Authority’s (PRA) proposed changes to buy to let underwriting standards.
With this latest release scheduled for January 2017, MortgageSource is enhancing its use of the Lenders Interest Cover Ratio (ICR) to return products based upon the rental income provided. The system will look at purchase versus remortgage, whether the client is capital raising or not and client tax status to deliver the most accurate buy to let product results possible.
These additions to MortgageSource provide additional functionality on top of the systems
existing ability to source against portfolio acceptance, Limited Company buy to lets, checking minimum income criteria, and rental income to the pound, amongst other features.
Phil Bailey, Strategy Director of Twenty7Tec commented: “The PRA is clearly looking to flex its muscles with these changes. Tougher guidelines for affordability and stress testing is throwing yet more regulation towards the buy to let market and technology providers need to adapt quickly to support intermediaries”.
“Having now seen the amendments to product ranges from Lenders in December relating to the PRA, Twenty7Tec has finalised the enhancements needed to best support intermediaries sourcing for buy to let mortgages “.
Bailey continued; “Twenty7Tec believe technology is there to aid brokers not replace them. That’s exactly what we’re doing with this enhancement, allowing MortgageSource to do all the hard work and remove irrelevant products based on the client’s circumstances, without trying to replace the value of a broker. You can continue to use your knowledge and experience to recommend the right product from a more accurate results list”.
Twenty7Tec Group specialises in the build, delivery and maintenance of unique technology solutions designed to drive efficiency in process in today's lending market. Backed by venture capital firm Verso Capital, the company today supports some of the largest aggregator, intermediary and lender organisations in the UK, with a diverse array of technology systems that meet the needs of their stakeholders.
For further Information please contact:
Twenty7Tec: Mr James Tucker, Managing Director